Cullinan Therapeutics (NASDAQ:CGEM) Given “Buy” Rating at HC Wainwright

Cullinan Therapeutics (NASDAQ:CGEM)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $30.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 122.06% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Wedbush boosted their price objective on Cullinan Therapeutics from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Citigroup initiated coverage on Cullinan Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $33.00 target price for the company. BTIG Research restated a “buy” rating and set a $38.00 target price on shares of Cullinan Therapeutics in a research note on Tuesday, May 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Cullinan Therapeutics in a research note on Friday, April 10th. Finally, Wall Street Zen cut Cullinan Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.75.

Cullinan Therapeutics Stock Performance

Shares of Cullinan Therapeutics stock opened at $13.51 on Monday. Cullinan Therapeutics has a one year low of $5.68 and a one year high of $16.74. The company has a market cap of $830.32 million, a PE ratio of -4.02 and a beta of -0.01. The business has a 50-day simple moving average of $14.53 and a 200-day simple moving average of $12.89.

Cullinan Therapeutics (NASDAQ:CGEM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.75) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.09. On average, sell-side analysts predict that Cullinan Therapeutics will post -3.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cullinan Therapeutics news, insider Jennifer Michaelson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $14.62, for a total value of $116,960.00. Following the completion of the sale, the insider owned 166,844 shares in the company, valued at approximately $2,439,259.28. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Cullinan Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in Cullinan Therapeutics by 49.2% in the first quarter. Bank of America Corp DE now owns 516,724 shares of the company’s stock valued at $7,343,000 after buying an additional 170,417 shares during the last quarter. Royal Bank of Canada lifted its stake in Cullinan Therapeutics by 160.6% in the first quarter. Royal Bank of Canada now owns 4,044 shares of the company’s stock valued at $58,000 after buying an additional 2,492 shares during the last quarter. Elmind Capital LP lifted its stake in Cullinan Therapeutics by 71.0% in the first quarter. Elmind Capital LP now owns 530,000 shares of the company’s stock valued at $7,531,000 after buying an additional 220,000 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Cullinan Therapeutics by 347.7% in the first quarter. The Manufacturers Life Insurance Company now owns 75,310 shares of the company’s stock valued at $1,070,000 after buying an additional 58,488 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Cullinan Therapeutics by 50.6% in the first quarter. Quantinno Capital Management LP now owns 72,282 shares of the company’s stock valued at $1,027,000 after buying an additional 24,281 shares during the last quarter. Hedge funds and other institutional investors own 86.31% of the company’s stock.

About Cullinan Therapeutics

Cullinan Therapeutics, Inc, a biopharmaceutical company, focuses on developing oncology therapies for cancer patients in the United States. The company's lead program comprises CLN-619, a monoclonal antibody that is in Phase I clinical trial for the treatment of solid tumors. Its development portfolio also includes CLN-049, a humanized bispecific antibody that is in Phase I clinical trial for the treatment of acute myeloid leukemia or myelodysplastic syndrome; CLN-418, a human bispecific immune activator that is in Phase 1 clinical trial for the treatment of multiple solid tumors; and Zipalertinib, a bioavailable small-molecule for treating patients with non-small cell lung cancer.